Lee 3 Team

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How To Stretch Home Improvement Dollars The Most

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How To Stretch Home Improvement Dollars The MostThere are lots of homeowners who are looking for a way to improve the quality of their home while also increasing the value of their property. Unfortunately, a lot of home improvement ideas can be prohibitively expensive. It is not unusual for homeowners to spend six figures on a renovation project. On the other hand, there are also home improvement ideas that will not break the bank.

What are a few of the top ideas that homeowners should consider? 

Start With A Few Quality Ceiling Fans

First, homeowners should consider starting with a few quality ceiling fans. Because a lot of homeowners do not look up at the ceiling on a regular basis, they may not realize just how old their ceiling fans are. Therefore, homeowners should consider updating their ceiling fans. Ceiling fans should be hung between 7 and 8 feet above the floor. Now, there are advanced Energy Star ceiling fans that will help homeowners lower their utility bills while also increasing the value of their property. Finally, even advanced ceiling fans are not that expensive. 

Consider Planting Some Trees In The Yard

Another idea that homeowners need to consider involves planting trees. Planting trees will not only prevent erosion from the property but can also lower energy costs. Trees can protect the property from rain, wind, and the sun. Furthermore, as trees grow over time, they also increase the curb appeal of a property, driving up the value of the home. Even though a lot of people say that money does not grow on trees, planting a few trees in the yard can help homeowners save a lot of money while also boosting their home’s value. Fortunately, planting trees are also not that expensive. 

Increase The Quality Of The Insulation In The Home

Finally, a lot of homeowners neglect the quality of the insulation in the home. Even though this might not be as attractive as a complete kitchen or bathroom remodel, upgrading the insulation of the home reduce its utility bills. Furthermore, upgrading the installation is not that expensive. Homeowners should consider taking a closer look at the insulation of their homes every few years. There may be ways to save a significant amount of money.

 

The Top Ways To Upgrade The Exterior Of The Home On A Budget

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The Top Ways To Upgrade The Exterior Of The Home On A BudgetThere are a lot of people who are spending more time at home these days. As the temperature starts to warm up once again, there are some homeowners who are looking for ways to upgrade the outside of their home. Even though there are some people who are looking at installing a brand new patio or deck, this can be extremely expensive. Fortunately, there are ways that homeowners can completely transform the exterior of their home without breaking the bank. Take a look at a few of the top ideas below.

Consider Adding An Outdoor Rug

First, homeowners should consider adding an outdoor runner or rug to the exterior of their home. Because this run is going to be outside, try to go with bright colors. Furthermore, there are also specific runners and rugs that have been designed specifically to stand up to the wear and tear of the outdoors. Consider adding a rug that leads from the patio door to the deck. Or, think about placing an area rug underneath the table outside. This can completely change the look of the patio.

Think About Installing A Swinging Chair

For those who are looking for a way to relax outside, consider installing a few swinging chairs. In some situations, homeowners might be able to attach a swinging chair directly to the awning outside. In other situations, it might be a smart idea to install a swinging chair that hangs from a tree in the yard. It is important to make sure the awning or the tree is able to support the chair before it is installed. Then, add a bright cushion to the chair and relax outside with a great book! 

Use Citronella Candles

Anyone who likes to spend evenings outside under the stars should consider using candles. Specifically, think not using citronella candles. Citronella candles will help keep the mosquitoes away in addition to adding a majestic fuel to the outdoors. Think about using them on top of poles that line the walkway. This is a great way to add a little bit of ambiance to an evening party.

Consider a few of these ideas to completely change the exterior of the home in a budget-friendly way.

 

Buying a New Home in the City? The Pros and Cons of Buying a Home on a Busy Street

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Buying a New Home in the City? The Pros and Cons of Buying a Home on a Busy Street Finding the perfect property is an exciting feeling, but its relative location can leave a lot of room for worry. Buying a home in the city is a venture that comes with an entire assortment of advantages and disadvantages. While the location might be close in proximity to businesses, services, and other people, it’s easy to worry about the other aspects of city living. What are the great and not-so-great facets of living on a busy street?

Pro: Access to Businesses and Schools

The chances are high that anyone living in a busy area is within walking distance of any store, shop, or service. Likewise, children have a range of options for education in busier areas; there are often multiple schools to choose from in any given busy area.

Pro: Access to Many Internet/TV Providers

In highly populated areas, a large number of internet and TV providers can co-exist. This means residents have a number of options when the time comes to choose providers. Luckily, it’s often difficult for providers monopolize densely populated areas.

Pro: Sense of Community

Many people that live in busy areas will be quick to share that they adore the sense of community. In fact, a large population is often one of the biggest reasons that people choose to move to bigger areas.

Con: Noise Level

As a street sees more activity, there’s no doubt that the noise level will also be a bit higher than usual. Residents that own homes on busy streets not only hear lots of noise from outside traffic, but they also often hear police sirens, animals, conversation, and more.

Con: Higher Price

It’s no secret that busy areas are a bit more expensive to live in. As anyone would expect, the convenience of city living comes with a higher price. Expect to hand over quite a bit more for a property in a highly populated area.

Con: Parking

Depending on the location of the neighborhood, parking can also be a problem. If street parking isn’t allowed, a resident in a big city might have to sacrifice their vehicle or park it a long distance from the property. This can be off-putting for many buyers.

If you’re on the fence about purchasing a property on a busy street, get more information from your trusted real estate agent before making a decision. A professional agent can provide valuable information about the property, neighborhood, chances for resale in the future, and much more. Don’t proceed any further without an agent’s advice!

What’s Ahead For Mortgage Rates This Week – January 19, 2021

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What's Ahead For Mortgage Rates This Week - January 19, 2021Last week’s economic reports included readings on inflation, retail sales, and a speech by Federal Reserve Chair Jerome Powell. Weekly readings on mortgage rates and jobless claims were also released.

 Inflation Rises as Retail Sales Fall, Fed  Says Current Monetary Policy Won’t Change

The Consumer Price Index rose to 0.40 percent in December as compared to November’s reading of 0.20 percent. The CPI measures inflation and the Core CPI measures inflation without the volatile sectors of food and fuel. December’s Core CPI reading fell to a rate of 0.10 percent growth from November’s reading of 0.20 percent.

Retail sales were dampened by the coronavirus, but December’s negative reading of -0.70 percent sales was lower than the    -1.40  percent rate reported in November.  December sales excluding the automotive sector were -1.40 percent lower in December as compared to November’s reading of -1.30 percent.

Federal Reserve Chair Jerome Powell dispelled fears of rising inflation and said that the Fed’s Federal Open Market Committee will not raise its current federal interest rate range of 0.00 to 0.25 percent any time soon. Chair Powell also said that the Fed would not decrease its purchase of Treasury Bonds as a further measure to stabilize the economy.

Mortgage Rates, Jobless Claims Rise

Freddie Mac reported higher average mortgage rates last week. Rates for 30-year fixed-rate mortgages rose by 14 basis points to 2.79 percent. Rates for 15-year fixed-rate mortgages averaged 2.23 percent and were seven basis points higher. Rates for 5/1 adjustable rate mortgages rose by 37 basis points to 3.12 percent on average. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.40 percent for  5/1 adjustable rate mortgages.

First-time jobless claims rose to 965,000 claims filed last week as compared to the prior week’s reading of 784,000 initial claims filed. Ongoing jobless claims also rose with 5.27 million claims filed as compared to the prior week’s reading of  5.07 million continuing claims filed.

The University of Michigan’s Consumer Sentiment Index was lower in January with a reading of 79.2.  Analysts expected an index reading of 79.2 based on the December reading of 80.7.

What’s Ahead

This week’s scheduled economic reports include the National Association of Home Builder’s Housing Market Index and reports from the Commerce Department on housing starts, building permits issued. Sales of pre-owned homes will also be reported along with weekly readings on mortgage rates and jobless claims.

Tips For Getting A Mortgage Application Approved

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Tips For Getting A Mortgage Application ApprovedRight now, mortgage rates have fallen to rates that haven’t been seen in years. This opens the door for many people to apply for a mortgage that they previously may not have been able to afford. Sadly, not everyone who applies for a mortgage is going to be approved. There are a few steps that applicants can take to increase their chances of getting their mortgage application approved.

Increase The Credit Score

Applicants need to make sure that their credit scores are as high as possible when they apply for a mortgage. The greater the credit score is, the more trustworthy they look to lenders. In general, applicants are going to need a credit score of 620 or higher to qualify for a home loan; however, those who want to get the best interest rates possible need to make sure their credit score is as high as possible. Try to ask for a free copy of the credit report from one of the major credit bureaus and correct any inaccuracies that might be present. Then, pay down as much debt as possible before applying for a mortgage.

Add More To Savings

Those who want to qualify for the best interest rates will need to be willing to put more money down. The only way to make this happen is to increase the amount of money in the savings account. Lenders are more willing to provide people with a home loan if they know the potential homeowner is supplying some of the capital as well. Delaying the home search by a month or two to collect more money in a savings account can dramatically improve someone’s chances of getting approved.

Increase Employment History

The longer someone has been employed, the better the chances of the application being approved. Lenders want to make sure that the potential homeowner is going to be able to pay back the loan. The longer the applicant has been employed, the greater the chances that he or she is going to remain in that position. A longer employment history could help someone qualify for lower interest rates.

Get A Mortgage Application Approved

These are a few steps applicants can take to improve the strength of their application. That way, they can get the home of their dreams.

Three Hot Renovations That Will Boost Your Home’s Value Without Breaking the Bank

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Three Hot Renovations That Will Boost Your Home's Value Without Breaking the BankAre you feeling the “renovation itch” or perhaps looking for a fun project that you can take on which will provide you with a return on your investment? There are numerous home upgrades and renovations that can add value to a home without costing a large sum of money to complete.

Let’s take a look at three popular home renovations that can increase your home equity without draining your bank account.

Paint Your Home Inside and Out

Painting the interior or exterior of your home costs very little when compared to how much it can freshen up your home’s appearance and increase its value. Painting is also an excellent time to get rid of any old wallpaper or other decor touches that are outdated. Spend some time browsing through Pinterest or through home improvement websites in order to choose a color palette that is warm and inviting without being too bold. Remember, if the goal is to increase your home’s value you’ll need to paint using colors that buyers will find attractive.

Upgrading Your Windows

If your local environment is cold or wet during parts of the year you may find that upgrading your windows improves your home’s appearance and provides you with some additional savings in the form of reduced energy costs. Look for windows that are energy-efficient and that are guaranteed to eliminate drafts. Depending on the area of the country that you reside in, you may find that windows that are insulated with vinyl or aluminum are your best bet.

Finishing Your Basement into a Suite

If you have an unfinished basement which has a lot of space and running water you may want to consider finishing it in to a full basement suite. Some buyers will be enticed by the additional rental income that can come from a suite, while others will be excited at the opportunity to provide an older child or family member with their own suite inside of the same home.

You’ll find that investing a little time and money in your home now can pay huge dividends later when it’s time to sell and move on.